Update: This is now live. Hat tip to reader Greg R.
Last year Chase offered Chase Sapphire customers 100,000 Chase Ultimate Rewards points for closing a mortgage. One thing they touched on in an investor presentation is the value of being able to cross sell products like this to existing cardholders. According to our source they are rolling out an official version of this program. Starting April 2nd and ending August 31st, 2018 cardholders who apply for a new purchase loan will qualify for a reward after the loan closes.
The reward you will receive depends on the credit card(s) you have (you’ll just receive whatever is the highest applicable bonus, no stacking). The rewards are:
- Sapphire Reserve and United MileagePlus Club: 75,000 points/miles
- Sapphire Preferred, United MileagePlusExplorer: 50,000 points/miles
- Sapphire No Fee, Freedom and Freedom Unlimited: 25,000 points/miles
Doesn’t look like there is any current $595 bonus that can be stacked with this offer either (update there is a $500 bonus. Chase has confirmed this is stackable). I didn’t think this was a particularly strong offer when it was 100,000 points + $595 and it’s even less so now it’s a maximum of 75,000 points + $0.
You shouldn’t be making important lending decisions such as who your mortgage is with based on getting ~$1,000 in rewards. Please make sure you do your due diligence when signing up for loans of this size and ensure you’re getting the best possible deal and rate. A few things to note:
- Chase will match mortgage rates up to a certain point, so it might be worth asking to see if they will match the best terms you’re able to secure and then get this bonus on top of that.
- Chase Private Clients get a further discount
- 0.125% discount with more than $250,000 in Chase deposits and investment accounts
- 0.25% discount with more than $1,000,000 in Chase deposits and investment accounts
View Comments (45)
To add to this as long as you have the card active and in good standing before closing date of the loan, you'll get the points. I plan on upgrading my CF to CSR a week or so before to get the points. Also you can sign up for a new account as well.
I've never heard of "upgrading," but wouldn't you get hit with the annual fee?
Not a good deal. if anything, I'll give you $750 to do your mortgage lol. I have access to broker rates which are literally what market rate is, without mark up. For example, a 720+ FICO will get the market rate, which is 4.5% for a 30-yr. conventional mortgage.
I'm really surprised to see the no-AF Sapphire card makes a come back because of this campaign.
Please don't take out a mortgage with chase just for the points alone. Other companies beat the pants off chase regarding interest rates. My credit union I do my "main" banking with for example has better rates than chase that nullifies the bonus points being worth anything. Use the banks to churn credit cards, and take out loans at credit unions for the best of both worlds.
Yup, this is why we suggest finding the best rate possible and then asking Chase to match.
Jesus, $1 million for a 0.25% discount? BofA gives that for their Plat Honors Preferred Rewards which requires only $100k
Jesus had nothing to do with it, so why mention His name? He would give more love than that anyhow.
Per this link, the Preferred Rewards program doesn't offer discounts on mortgages, only HELOCs and Auto loans. It does offer an origination fee discount.
https://www.bankofamerica.com/preferred-rewards/details/
@will Not that these are great offers, but are you saying the UR offers will not stack with this $500 cash back offer? https://www.chase.com/personal/mortgage/500cashbacksf
Didn't know that was available, it did stack last time so hopefully will this time as well. Let me add it.
Here are the links for CS, CSP and CSR
https://www.chase.com/personal/mortgage/sapphire
https://www.chase.com/personal/mortgage/sapphire-preferred
https://www.chase.com/personal/mortgage/sapphire-reserve
This is de-personalized version of the link from my Chase "Offers for you" section https://www.chase.com/personal/mortgage/freedom-unlimited
I have CF and CFU but this is the only offer that shows.
However, I can pull up the link for CF as well
https://www.chase.com/personal/mortgage/freedom
Thanks, added all the links now for the chase branded offers. Just need to find the United ones now.
Thanks for no h/t...
Hi Greg,
You sent us an e-mail about this after we already knew about it. Our original post was before you contacted us.
I'll add in a hat tip regardless.
Kudos to you Doc!
You're a good dude Will! I'm shocked that people can be so petty even after all the great information that you and Chuck post. I think its safe to say that anyone reading this blog has saved/made hundreds of not thousands. SMH
It's ok, I understand wanting credit and I appreciate all readers who send in tips. It doesn't hurt us adding in acknowledgement like this and hopefully it encourages Greg to contribute more in the future :)
Looks like this is now LIVE! Maybe you want to update the title and bump to the top?
Yup, will do.